London Mills, Illinois Property Taxes
The median property tax rate in London Mills, IL is 3.12%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in London Mills at $49,684, the typical annual property tax bill is $693, which is below the national median of $2,690. Property taxes in London Mills are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding London Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of London Mills or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
London Mills, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s London Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in London Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in London Mills to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across London Mills, Illinois
Property taxes in London Mills, Illinois, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in London Mills is 3.12%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within London Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, London Mills estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares London Mills' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61544 zip code has the highest median property tax rate of 3.12%, while the same zip code also has the lowest median tax rate of 3.12%. Understanding how these cities compare with London Mills provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average London Mills Tax Rate
3.12%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across London Mills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61544 | 1.27% | 1.85% | 3.12% | 3.13% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across London Mills, Illinois
In London Mills, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Fulton County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In London Mills, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in London Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In London Mills, the highest and lowest median tax bills are both $693, found in the 61544 zip code.
Average London Mills Assessed Value
$49,684
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across London Mills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61544 | $11,045 | $28,356 | $49,684 | $72,658 | $98,822 |
Source: Ownwell
Property Tax Bills Across London Mills, Illinois
In London Mills, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. In Fulton County, the median home price stands at $49,684. Property taxes are then levied by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. For homeowners in London Mills, the tax bill can vary significantly. For example, the 25th percentile tax bill is around $386, while the 75th percentile reaches $1,210, and the 90th percentile can be as high as $1,846. These property taxes fund essential community services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, the rates in London Mills can impact homeowners differently based on their specific property values and applicable exemptions.
Average London Mills Tax Bill
$693
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across London Mills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61544 | $173 | $386 | $693 | $1,210 | $1,846 |
Source: Ownwell